Sales accounts for 49% of the total transactions while mortgage dominates 47% of the transactions
Dubai land transactions grows by 21% to AED 63 billion in the first half of 2012
18953 transactions were executed in six months, on average there were 133 transactions per day and 16 transactions per hour
3522 plots’ sale and mortgage transaction worth AED 42.3 billion
1003 buildings’ sale and mortgage transactions worth more than AED 2.7 billion
14428 residential units’ sale and mortgage transactions valued value of AED 18 billion
Sultan Butti bin Mejrin, Director General of the Dubai Land Department (LD) announced that the total amount of land transactions in Dubai has reached AED 63 billion in the first half of 2012. Total of 18953 transactions were recorded in H1 consisting mostly of sales, mortgages, Land Development Lease Contract (Musataha), grants and other types. These transactions were officially documented by the LD’s Real Estate Development Department.
Bin Mejrin stated that the transactions grew by 21% in the six months of the year compared to the same period of 2011, this reflected important indicator of the growth and strong performance of the market that enjoys the Government’s support and facilitation according to him; this resulted in enhancing the trust among local, Arab and international investors.
The real estate market in Dubai has shown high levels of flexibility in meeting investor requirements and trends during the H1; specially the new investors looking to benefit from the price correction that emerged in the past two years according to the DG of LD. He pointed that the prices have increased in the past few months due to the high demands on buying lands, villas and flats in certain areas.
In H1, Dubai saw 14652 sales transactions worth AED 30.8 billion representing 49% of the total transactions while 3363 mortgages transactions worth AED 29.6 billion representing 47% of the total transactions. 938 musataha, grants and other types of transactions worth AED 2.6 billion were registered in H1 representing 4% to the total transactions according to the Director General of the Dubai Land Department,
The results of the first half showed that the dominant transactions were for the plots sale and mortgage. Due to attractive offers, flats’ sale and mortgage transactions outperformed the transactions on villas given their scarcity according to Hamda Al Shamsi, Deputy Director of LD’s Real Estate Development Department.
She noted that the total number of sale and mortgage transactions for plots were 3522 transactions worth AED 42.4 billion during the six months of the year. Total of 2198 plots worth AED 14.4 were sold in H1 while 1092 plots mortgage transactions worth AED 25.9 billion were seen in the same period.
The first half, saw 1003 buildings’ sale and mortgage transactions worth AED 2.7 billion; 628 building were sold at the value of AED 1.6 billion while 344 building mortgage transactions worth AED 1.1 billion were documented.
14428 sale and mortgage transactions on flats and villas worth AED 18 billion were carried out in H1. In details, 11826 sale transactions worth 14.7 billion and 1927 mortgage transactions worth AED 2.5 billion were recorded in the first half of 2012.